The new reality
Real time bookkeeping is the latest buzzword being thrown around many an accountancy practice at the moment. Spurred on by the increasing popularity of cloud accounting and the potential that HMRC will be requesting real time information for all companies by 2020, is this a potential headache or a possible new frontier?
The reality is that clients are starting to believe (rightly or wrongly) that cloud accounting will give them more ability to complete their accounting functions with minimal involvement, in the typical sense, from their accountants. This is probably true, since new generation cloud accounting platforms take most of the leg work out of the bookkeeping processes, or at the very least, the record keeping, allowing practices to quickly complete the remainder of the work.